Genesis’ crypto-lending unit has announced that they are currently halting all customer withdrawals as a result of the FTX collapse.
Genesis’ Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse – Coindesk
“Importantly, this decision has no impact on the business operations of DCG and our other wholly owned subsidiaries”
— Алфа дрво (@Трее_оф_Алпха) Новембар 16, 2022
Genesis have issued a statement on their Twitter explaining the challenges of the past week caused by the FTX debacle.
Генесисов спот и послови трговине дериватима и старатељства остају у потпуности оперативни. Настављамо да подржавамо наше клијенте који се ослањају на нас током нестабилних тржишних услова како бисмо управљали њиховим ризиком и спроводили своје пословне стратегије.
— Генесис (@ГенесисТрадинг) Новембар 16, 2022
Due to the default of Three Arrows Capital (3AC), Genesis’ liquidity was negatively impacted along with the duration profiles of Genesis’ lending entity, Genesis Global Capital.
“At Genesis we are entirely focused on doing everything we can to serve our clients and navigate this difficult market.”
Through the thread, Genesis highlights the “unprecedented market turmoil” the FTX collapse has created. This resulted in “abnormal withdrawal requests” that have since exceeded Genesis’ current liquidity.
Наш приоритет број 1 је да служимо нашим клијентима и сачувамо њихову имовину. Стога смо, у консултацији са нашим професионалним финансијским саветницима и саветницима, донели тешку одлуку да привремено обуставимо откупе и нове кредите у кредитном пословању.
— Генесис (@ГенесисТрадинг) Новембар 16, 2022
Genesis has since hired “the best advisors in the industry to explore all possible options” and has announced they will be delivering a plan for the lending business next week.
Source: https://cryptoslate.com/genesis-crypto-lending-unit-halts-customer-withdrawals/